All posts by Evgenii Evgenii

Radar helped reduce the cost of annual audits by 23%


Challenge

We have a corporate group specializing in powerful network infrastructures for electricity, traffic, and telecommunications. They need an external audit to provide independent assurance on an organization’s financial statements. This will increase the investor’s credibility. But with data scattered across systems, there is an urgent need to optimize the process.

Solution

Before Radar, the company created corporate reports using SAP and Excel. So external auditors needed a lot of effort to gather and compile all the information needed for the evaluation.

The move to a cloud-based solution has simplified the challenge. All kinds of financial data are now imported from SAP into Radar and then consolidated into clear and complete financial reports that also include project manager annotations commenting on the figures presented.

A uniform format and requirements for structure and content have been determined together with the auditing company. This ensured that the reports were presented accurately and in accordance with the relevant financial reporting system.

Results

By using Radar as an integrating solution and thereby making the audit process more efficient, the company reduced audit costs by 23%.

The overall optimization of financial reporting has also resulted in improved cash flow. The company no longer has millions of euros in unpaid invoices and can close projects without delay.